Business
China’s foreign trade fell 9.3% in May
Chinese foreign trade fell 9.3 per cent in May compared to the same period last year, Chinese customs officials said in Beijing on Sunday. Exports fell 3.3 per cent calculated in U.S. dollars, while imports fell by as much as 16.7 per cent. Exports had fared better than experts had predicted in light of the coronavirus pandemic, while imports had fallen below estimates. The outlook for exports remains poor.
Other economic barometers already indicated last week that export orders are down for May.
In April, exports had performed well, rising a surprise 3.5 per cent, yet imports had already fallen by 14.2 per cent. Trade with the U.S. fell by a total of 12.7 per cent compared with the same period last year. The world’s two largest economies have been in a trade-war with mutually imposed special tariffs for two years. Chinese exports to the U.S. slumped by 14.3 per cent in May, while imports from the US fell by 7.6 per cent. (dpa/NAN)
-
Oil and Gas2 days agoNUPRC vows not to approve divestments that doesn’t meet considerations
-
Oil and Gas2 days agoIran eases Strait of Hormuz transit rules amid oil shock
-
Finance2 days agoCardoso seeks collaboration to check cross‑border financial risks
-
Economy2 days agoNigeria to launch trade platform at ports as part of reform push
-
Finance2 days agoCourt nullifies CBN’s regulatory intervention in Union Bank in 2024, rules it acted beyond its powers
-
Oil and Gas2 days agoCourt orders forfeiture of $13m linked to Aisha Achimugu’s firm
-
Oil and Gas2 days agoOil falls as reports of 15-point proposal spurs ceasefire hopes